Understanding a Financial Power of Attorney

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A financial power of attorney (or POA) is giving another person or agent the authority to make financial decisions on their behalf. Normally, people get nervous over this thought. However, a person can assess the need of a financial power of attorneybased on his current lifestyle.

In doing this, there are valid reasons to consider for an issuance of a POA. A need must be determined before doing this. It must be noted that a power of attorney is a legal document that allows someone to conduct/implement business on your behalf. Therefore, confidence and trust to the person issued a power of attorney must be ensured. A power of attorney may come in as financial and medical.

A medical power of attorney must be have a specific information on who can make medical decisions in times that someone becomes incapacitated. During times of incapacity, this person will make decisions for you as you not able to make valid decisions for yourself. However, experts advise that financial powers of attorney should not include medical information.

On the other hand, a financial POA has two types, the durable and the non-durable. The difference of these two types of power of attorney must be very clear to the person doing this. In most cases, people use the durable powers of attorney in the event that a chronic illness is being involved or the future when it will be foreseen that such illness can be disruptive to the person. Regardless of what purpose there is, a person must ensure his security before issuing a POA.

Scenarios of Dying Without a Fathers' Rights Will

Most fathers right now are not completely aware of how important a will is, especially when they have minor children. This may be because of lack of education and they do not feel the need as it is not something being widely practiced. Browse through The Fathers' Right Asset Protection Plan by Dennis Gac to discover why will is something that should be given attention at this day and age.

• Unmarried fathers: The law says that when a single father dies, all of his wealth will directly be distributed to all of his children. In case the child is not of legal age or minor and there is no will created, the court will nominate a guardian and at the same time an administrator of all the father's properties until such time that the children are able and of legal age. The risky part here is that the person who will be entrusted with your possessions and children may not be the person you would like to assume the position.
• Married fathers: Negating the public perception, the entire wealth of the decedent patriarch will not automatically be given to the spouse. At least one-half or one-third of all assets will be awarded to the spouse if there is no will executed. The remainder will be divided among the children. Now, what if divorce is on-going. The amount you want your children to receive may not be given to them because the law states the above-mentioned provisions in case of death and will is non-existent.

It is important to have a will no matter where you are in your stage of life, married with or without children. Knowing who will have custody of your children and who will receive assets and property after your death will help ease any confusion and anger that may be left behind you.

Understanding a Will and How it Pertains to Fathers' Rights

Most fathers today are not fully educated on many issues governing their roles as the head of the family and their rights over their properties. Perhaps, it is about time for you to read The Fathers' Right Asset Protection Plan by Dennis Gac. This very comprehensive material enumerates critical issues and rights a father must assert. One of the focuses of this book is understanding the importance of a will.

Dying without a will is essentially the act of leaving all your assets and properties to the state. The danger here is that your valued possessions may be given to a person you distrust. To further document your intentions on how you want your wealth to be distributed when you pass away, it is recommended that you execute a will. Specifics like giving your vacation house at French Riviera to your eldest daughter, your ancestral house in Spain to your 2nd son will be enclosed with a will, or that 60% of your corporation be given to a chosen charitable institution.

More than the re-allocation of your assets, a will is very important when you have minor child or children. A will allows a parent to nominate a guardian who will be responsible of the minor's welfare. Although courts have the final say when talking about child custody, they would normally honor the deceased parents' wishes. Without a will, the state will be the one to nominate a guardian for the child. What is risky about this is your child may live with someone you do not completely trust, or, depending on the relatives and family around the area, they may end up being placed in foster care after your death. This typically goes against the standard wishes of parents, so naming someone as a guardian is an important thing to address in your will.